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Western Digital (WDC) Falls More Steeply Than Broader Market: What Investors Need to Know
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In the latest close session, Western Digital (WDC - Free Report) was down 2.84% at $261.18. The stock trailed the S&P 500, which registered a daily loss of 1.52%. Meanwhile, the Dow experienced a drop of 1.56%, and the technology-dominated Nasdaq saw a decrease of 1.78%.
The stock of maker of hard drives for businesses and personal computers has fallen by 1.8% in the past month, lagging the Computer and Technology sector's loss of 1.66% and overreaching the S&P 500's loss of 2.25%.
Market participants will be closely following the financial results of Western Digital in its upcoming release. The company's upcoming EPS is projected at $2.34, signifying a 72.06% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $3.23 billion, up 40.72% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $8.96 per share and revenue of $12.43 billion, indicating changes of +81.74% and -6.38%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Western Digital. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.11% higher within the past month. Western Digital is currently a Zacks Rank #1 (Strong Buy).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 30. This signifies a premium in comparison to the average Forward P/E of 14.47 for its industry.
We can additionally observe that WDC currently boasts a PEG ratio of 0.59. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Computer- Storage Devices industry held an average PEG ratio of 1.35.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 23, positioning it in the top 10% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Western Digital (WDC) Falls More Steeply Than Broader Market: What Investors Need to Know
In the latest close session, Western Digital (WDC - Free Report) was down 2.84% at $261.18. The stock trailed the S&P 500, which registered a daily loss of 1.52%. Meanwhile, the Dow experienced a drop of 1.56%, and the technology-dominated Nasdaq saw a decrease of 1.78%.
The stock of maker of hard drives for businesses and personal computers has fallen by 1.8% in the past month, lagging the Computer and Technology sector's loss of 1.66% and overreaching the S&P 500's loss of 2.25%.
Market participants will be closely following the financial results of Western Digital in its upcoming release. The company's upcoming EPS is projected at $2.34, signifying a 72.06% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $3.23 billion, up 40.72% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $8.96 per share and revenue of $12.43 billion, indicating changes of +81.74% and -6.38%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Western Digital. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.11% higher within the past month. Western Digital is currently a Zacks Rank #1 (Strong Buy).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 30. This signifies a premium in comparison to the average Forward P/E of 14.47 for its industry.
We can additionally observe that WDC currently boasts a PEG ratio of 0.59. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Computer- Storage Devices industry held an average PEG ratio of 1.35.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 23, positioning it in the top 10% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.